Back from the deadpool – The Shops and Lofts at 47

Tomorrow will mark six years to the day since we first wrote about The Shops and Lofts at 47. A spring 2008 groundbreaking was anticipated for the construction of 170 residential units above 50,000 square feet of ground-level retail at 47th and Cottage Grove.

The project includes a new five-story, 72-unit building with 55,000 square feet of retail space; two new six-flats; a new nine-flat; and a rehabilitated three-flat; along with parking for residents and visitors. A Wal-Mart [sic] Neighborhood Market will occupy most of the retail space …
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City investment in the 47th Street project alone includes nearly $13 million in Tax Increment Financing (TIF) assistance for site preparation costs. Assistance for the residential component includes a $550,000 HOME loan, a $7.8 million loan from the CHA, $663,000 in donations tax credit equity, $8.4 million in low-income housing tax credit equity and up to $20 million in tax-exempt bonds. Assistance for the commercial component includes $3.3 million in New Markets Tax Credit equity.

You can see renderings of the project at the link to the news release.